The Editorial Team |

Looters Walking Free Undermine Ramaphosa’s Anti-Graft Pledge

JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has pledged that those responsible for plundering taxpayer funds during his predecessor Jacob Zuma’s rule will face prosecution. Investors and the public at large will still need convincing. More than 500 billion rand ($34 billion) may have been stolen during Zuma’s nine-year tenure, and “some people” say the figure could exceed 1 trillion rand, Ramaphosa told a conference hosted by the Financial Times in London on Monday….

Kenya Plans $4.1 Billion in New Loans as It Lifts Debt Limit

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NAIROBI (Capital Markets in Africa) – Kenya plans to borrow 422 billion shillings ($4.1 billion) from external lenders after lawmakers approved the government’s proposal to increase its debt limit. The government of the East African nation is negotiating or about to sign 44 loan agreements with 15 lenders including the African Development Bank, China, Japan and the World Bank, parliament documents show. The lawmakers last week approved the National Treasury’s proposed debt limit of 9…

Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute

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LAGOS (Capital Markets in Africa) – Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim. “We have opened up a process of engagement between the…

Foreigners Who Abandoned Lagos Stocks Have Few Reasons to Return

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LAGOS (Capital Markets in Africa) – Foreigners have deserted the Lagos stock market and “hostile” domestic policies combined with a gloomy outlook for the Nigerian economy suggest there is little chance they will return soon. The country’s benchmark stock index has slumped 16% this year in local-currency terms, the third-worst performance worldwide among 94 markets tracked by Bloomberg as of Friday. That follows an 18% retreat in 2018. Investors have been frustrated at the slow pace of…

Helios Towers IPO Likely to Price at Bottom End of Range

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LAGOS (Capital Markets in Africa) – Helios Towers Ltd. met with a tepid response for a long-delayed share offering that gives investors a foothold in Africa’s fast-growing wireless tower industry. The stock is likely to price at 115 pence apiece before the Tuesday listing, the bottom end of the initial range, bringing proceeds of about $360 million, according to terms seen by Bloomberg. The company was originally looking to raise as much as $500 million. Shareholders…

Brexit Will Only Speed Up the Decline of Brand Britannia

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LONDON (Capital Markets in Africa) – The storied names of British industry and commerce haven’t had it easy in the past few years, and they aren’t going to be helped by the divorce from the EU. Once upon a time, Brand Britannia was the poshest of soft powers. Many of the names in its pantheon continue to glow with prestige if not profit, including Rolls-Royce, British Airways, and Burberry. But others have faltered or fallen. Thomas Cook…

Sophos Becomes Latest U.K. Tech Target in $3.8 Billion Deal

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LONDON (Capital Markets in Africa) – Private equity firm Thoma Bravo agreed to buy Sophos Group Plc for $3.8 billion, taking the British cybersecurity firm private in the biggest takeover of a U.K. technology firm this year. Thoma Bravo will pay $7.40 a share in cash, or 583 pence per share, representing a premium of 37.1% to its last closing price, the buyout firm said in a statement Monday. Shares jumped as much as 38% in London on Monday…

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